Professor John Maloney

Associate Professor of Economics

Professor John Maloney graduated in Economics from Cambridge University and completed his PhD in Economic History (University of Nottingham) while a lecturer at the then Plymouth Polytechnic. Outside the academic sector, he has worked as a journalist in Iran and as a researcher at the Treasury. He has been at the University of Exeter since 1990, becoming an Associate Professor in 2006, and in 2009 he received a double national teaching excellence award (colleague-nominated and student-nomionated categories) from the Learning and Teaching Support Network (Economics).

Nationality: British

Administrative responsibilities

Chair of the Board of Studies, BA Economics and Politics

Qualifications

BA (Cantab), PhD (Notts)

Research clusters

Research interests

Macroeconomics

History of economic thought

Professor Maloney's research in macroeconomics has included a project funded by the Nuffield Foundation to look at the effects of central bank independence, or lack of it, on 20 Western economies. In the history of economics thought, Professor Maloney has published books on Alfred Marshall and on Robert Lowe (classical economist and 19th century Chancellor). His two current projects are on British economic policy in the 1970s (funded by Nuffield) and a series of linked studies of voting behaviour, particularly its economic dimension (funded by the Leverhulme Trust).

Maloney J (2008). From the Corn Laws to free trade: Interests, ideas, and institutions in historical perspective. History of Political Economy, 40(2), 413-414.

Maloney J (2006). Britain's single currency debate of the late 1860s. European Journal of the History of Economic Though, 13(4), 513-531.

Abstract:Britain's single currency debate of the late 1860s

Though a Royal Commission had rejected Britain joining the Latin Monetary Union, Robert Lowe, the Chancellor of the Exchequer, said he would recommend membership provided three conditions were satisfied. As these included a general adherence to the gold standard, nothing further came of it. But meanwhile there had been a complex public discussion of the subject, and the related topic of shrinking the pound coin so it weighed the same as the 25-franc piece. The debate shed much light on the contemporary state of value and monetary theory, and those who supported the changes had the best of it.

Arabsheibani G, de Meza D, Maloney J, Pearson B (2000). And a vision appeared unto them of a great profit: evidence of self-deception among the self-employed. Economics Letters, 67(1), 35-41.

Abstract:And a vision appeared unto them of a great profit: evidence of self-deception among the self-employed

Evidence is presented that the self-employed expect better financial outcomes than do employees but experience worse realisations. This is consistent with theories that entrepreneurship is driven by unrealistic optimism. (C) 2000 Elsevier Science S.A. All rights reserved.

Abstract:Do currency unions grow too large for their own good?

This article puts a rigorous foundation under the proposition that currency areas, as they admit more members, face a rising marginal cost curve which cuts the marginal benefit curve from below. However, at any given time, the median member faces lower marginal cost than the average member, so that, if new members are admitted by majority vote, and existing members are myopic, the currency area will expand beyond its optimum size. Although the currency area imposes negative externalities on countries outside it, we find that the existence of one currency union has no effect on the costs or benefits of forming or enlarging another.

Abstract:Does central bank independence smooth the political business cycle in inflation? Some OECD evidence

In this paper, electoral and partisan effects in inflation are identified for 18 OECD countries via regression analysis, building on the work of Alesina, Cohen and Roubini. The correlation of the size of these effects across countries with the level of central bank independence is investigated; the results suggest a negative correlation.

Abstract:Charles Francis Bastable on Trade and Public Finance

2008

Maloney J (2008). From the Corn Laws to free trade: Interests, ideas, and institutions in historical perspective. History of Political Economy, 40(2), 413-414.

2006

Maloney J (2006). Britain's single currency debate of the late 1860s. European Journal of the History of Economic Though, 13(4), 513-531.

Abstract:Britain's single currency debate of the late 1860s

Though a Royal Commission had rejected Britain joining the Latin Monetary Union, Robert Lowe, the Chancellor of the Exchequer, said he would recommend membership provided three conditions were satisfied. As these included a general adherence to the gold standard, nothing further came of it. But meanwhile there had been a complex public discussion of the subject, and the related topic of shrinking the pound coin so it weighed the same as the 25-franc piece. The debate shed much light on the contemporary state of value and monetary theory, and those who supported the changes had the best of it.

2000

Arabsheibani G, de Meza D, Maloney J, Pearson B (2000). And a vision appeared unto them of a great profit: evidence of self-deception among the self-employed. Economics Letters, 67(1), 35-41.

Abstract:And a vision appeared unto them of a great profit: evidence of self-deception among the self-employed

Evidence is presented that the self-employed expect better financial outcomes than do employees but experience worse realisations. This is consistent with theories that entrepreneurship is driven by unrealistic optimism. (C) 2000 Elsevier Science S.A. All rights reserved.

1999

Abstract:Do currency unions grow too large for their own good?

This article puts a rigorous foundation under the proposition that currency areas, as they admit more members, face a rising marginal cost curve which cuts the marginal benefit curve from below. However, at any given time, the median member faces lower marginal cost than the average member, so that, if new members are admitted by majority vote, and existing members are myopic, the currency area will expand beyond its optimum size. Although the currency area imposes negative externalities on countries outside it, we find that the existence of one currency union has no effect on the costs or benefits of forming or enlarging another.

1998

Abstract:Does central bank independence smooth the political business cycle in inflation? Some OECD evidence

In this paper, electoral and partisan effects in inflation are identified for 18 OECD countries via regression analysis, building on the work of Alesina, Cohen and Roubini. The correlation of the size of these effects across countries with the level of central bank independence is investigated; the results suggest a negative correlation.

Conferences and invited presentations

2005: delivered the Ned Welch memorial lecture on the subject of 'Merrie England'

External positions

University's representative on the Learning & Teaching support network (Economics)

Editorial Board, Marshall Studies Bulletin

For most of Professor Maloney's career, his teaching has centred on macroeconomics. Unusually, he is not doing any macro teaching at the moment. An increasing interest in recent years has been growth and development economics, and in 2007 Professor Maloney was responsible for restoring this to the Exeter undergraduate syllabus after a long absence. While the history of economic thought is more a research interest, it does nonetheless inform his first-year module Introduction to Political Economy, which looks at policy questions through the eyes of leading economists of the past as well as the present.